Singapore Virtual Banks: The 5 Banks to Break Free from Queues  

Do you want to avoid the queue at your traditional banks for personal loans or other banking needs? Those snaking, long lines are as pleasant as a cat in a bath and could vex your spirit. Bank queues and paperwork can become extinct like dodos, and you have five choices of Singapore virtual banks that you need!

Prepare yourself for an astonishing journey in Singapore’s digital banking industry. It’s the veritable haven from physical banking’s inconveniences.

I. Digital Forefront Innovations: The GXS Bank’s Tale as Singapore Virtual Banks

Picture this – a world where mortars and bricks do not bind banks but roams the limitless ether of the digital banking world. It’s the realm of GXS Bank, Singapore’s virtual banking trailblazers, and was established by Grab Holdings and Singtel in 2022. Both companies are seasoned in their respective industries. 

Grab Holdings Inc. is one of Singapore and Indonesia’s treasured multinational technology companies within Southeast Asia. Anthony Tan brought Grab Holdings to life from his idea of creating much-safer taxi rides in Malaysia while still studying at Harvard Business School. The plan resonated with another Harvard alumni Tan Hooi Ling who launched “My Teksi” in 2012.

In 2013, GrabTaxi extended its exemplary services to the Philippines, Thailand and Singapore and became the biggest e-taxi Southeast Asia has seen. 

Singapore Telecommunications Limited, or Singtel, is the country’s biggest mobile network operator. Its establishment started in the 1800s and was operated by the Oriental Telephone and Electric Company. Over the years, Singtel continued to evolve and soon acquired its digital banking license with Grab Holdings in 2022.

GXS Bank offers personal loans, “FlexiLoan”, to Singapore’s underserved segments of residents. The bank focuses on improving financial inclusion and driving an economic revolution for Singapore citizens and permanent residents with a safe and ethical use of data and technology.

Fun fact

The quirk that sets GXS Bank apart is the unique embrace of biometric authentication. Security and speed delivered, as swift and smooth as a cat’s purr.

II. The Internet Banking Visionary of Singapore Virtual Banks: MariBank

At the grand tapestry of Singapore’s financial world, MariBank interweaves its pattern. Born of the ingenious mind of Sea Group in 2022, this bank breaks the mould, combining traditional banking with a hint of modernity.

Sea Group isn’t your ordinary tech company. In truth, it’s among Singapore’s tech giants. Moreover, it’s Garena and Shopee’s parent company. 

It initially only offered its digital banking services to Sea Group’s employees. But, in March 2023, it opened its virtual banking premium assistance to members of the public. Yet, it’s on an exclusive and invite-only basis.

What would one say to a bank that knows their needs before themselves? 

A bank that employs an army of tireless digital assistants prepared to serve the customers’ queries at any hour of day and night. It has an intelligent system that helps its customers to track their spending.

Interesting fact:

Do you want to know a quick trivia on MariBank?

To its retail customers, it grants only savings accounts.

III. Trust Bank: The Digital Banking Ally

There’s no doubt about it; trust is hard to earn and keep. Yet, the Trust Bank was established by BetaPlus and Standard Chartered Bank (Singapore) Limited on September 1, 2022.

With its great exposure, it was already a massive success from its establishment and has appeared throughout Singapore. However, that’s already anticipated considering its parent companies are SCBSL.

Standard Chartered Bank (Singapore) Limited grants a massive range of financial assistance across personal loans, personal, private and priority banking, along with the content of commercial, business, and corporate banking teams. With 160 years of banking expertise at SCBSL in Singapore, you can feel assured of its capacities as a financial institution.

BetaPlus is under NTUC Enterprise Co-Operative Limited, a holding entity notable for its proficiencies in creating a massive social force and meeting social needs, as it serves more than two million customers. With BetaPlus and SCBSL’s advocacy, you can expect Trust Bank to put their customers and planet ahead of the shareholder’s gain.

Fun fact:

Did you know that 12 days after its launching, Trust Bank already had an astonishing accomplishment as Singapore’s virtual bank?

Trust Bank was launched on September 1st, 2022. However, 12 days after its establishment, it has already garnered 100,000 customers!

The sign-ups were quite diverse of users and ages from 18 years old to 90 years old! Furthermore, some customers claimed that it’s the most seamless and quickest onboarding they’ve experienced and praised the app’s user-friendly interface!

IV. ANEXT Bank: Banking for Tomorrow, Today

In 2022, a new star ascended within Singapore’s banking heavens – ANEXT Bank. Its parent company, Ant Group, a Chinese fintech giant, had the bank’s soft launching as Singapore’s most competitive and innovative digital wholesale bank. Prepare yourself because it’s a bank that doesn’t only ride the wave of change but creates it. 

It’s the ideal virtual bank for Singapore’s most valued SMEs. Small and medium-sized enterprise owners can find a digital superhero come to life through ANEXT Bank as it focuses on serving micro, SMEs, and especially those with cross-border business operations.

Toh Su Mei leads ANEXT Bank as the chief executive and has over 20 years of banking industry expertise. 

Fun fact:

Did you know that a billionaire launched the ANEXT Bank?

The billionaire is non-other than Jack Ma with his Ant Group Co. Today, ANEXT Bank is considered China’s most prominent and most influential digital financial platform out of its home market and overseas expansion.

V. Green Link Digital Bank: A Financial Friend Worth Keeping

What’s the first thing that comes to mind when you hear or read “green”?

Some people would say the grass, leaves. Others would think of the Earth. At the same time, some people immediately associate green with dollars or money. 

Well, dollars and various currencies benefit the Green Link Digital Bank (GLDB), such as a meaningful establishment in 2022. The GLDB aims to assist and serve Singapore’s Micro-Small and Medium Enterprises with the most comprehensive banking and financial assistance.

Customers can anticipate innovative financing and user-friendly technological solutions. 

Fun fact:

Did you know that GLDB is significant in its corporate principle and beliefs?

To serve its customers in the most top-quality digital banking standard, GLDB dedicatedly adopts the tenet of “unyielding commitment to each client, no matter the size, as even the tiniest deeds can have rippling effects for the wider ecosystem.” 

The Singapore virtual bank’s value is to “Be kind. Be diligent. Be persistent.”

Personal Loans and Accredit: A Silver Lining

When the stormy seas of financial needs arise higher, personal loans can be your beacon of hope. The Singapore virtual banks offer a safe harbour with competitive rates.

But there’s an alternative route to calm waters – Accredit, the licensed moneylender in Singapore that hears your call. Quick and reliable. It’s your financial lifeline when the banks cannot reach you.

Singapore Virtual Banks Is the Sign of Time to Cast Off the Old

So, my friend, say farewell to the snaking and long queue and welcome the future of Singapore virtual banks. THE POWER IS IN YOUR HANDS with GXS, MariBank, Trust Bank, ANEXT, and Green Link. It’s only a few taps away!

Unshackle yourself from the chains of the old traditional banking, and sail onto the digital seas with confidence. Embrace the new for the future that waits for none.

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